Assets can be harder to divide when affluent couples divorce

On behalf of Beverly L. Brennan, P.A. posted in high asset divorce on Tuesday, March 14, 2017.

Divorce is almost never easy. Besides the emotional turmoil spouses experience and the toll a divorce takes on loved ones, there are also legal complications that can arise. This can be particularly true for affluent couples across Naples who are going through the process of dividing their assets.

Asset division is already a contentious aspect of divorce. When there is more money at stake, it can get even uglier. For instance, let's imagine a couple divorcing who owns several properties, a business, luxury items and various investments. Difficulties can and do arise when dividing these assets.

In terms of real estate, you need to decide if you will sell each property, if you will divvy them up in the settlement or if one person will buy the other out and keep the property. As the number of properties increases, so does the potential for disputes.

Business ownership can also present obstacles. Not only will you have to come to an agreement on the value of that business, you may also need to work out whether you plan to continue owning it together or whether one person will receive a payout. Future earnings and transactions will also need to be considered.

Jewelry, art collections, cars, boats and other luxury items can be a little easier to divide because it is fairly easy to calculate their value. However, sentimental value can artificially inflate the value of certain pieces, and collections may be worth less if divided.

Investments can be complicated as well. Between tax liabilities, capital gains and losses, and financial penalties, there is a lot to weigh in terms of how and if investments should be divided.

It is also important to note that when there are a lot of assets involved, it can be easier to hide some of them. While it is illegal, people still try to hide assets in a number of ways. One common method is to stash them in offshore accounts, which, as this Forbes article details, can make things very complicated.

Considering how much is at stake and how much work it can be to properly assess marital assets, it is crucial that you work with an attorney if you are affluent and getting divorced.

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